ITM Power (LON:ITM) Shares Up 22.7% - Time to Buy?

ITM Power Plc (LON:ITM - Get Free Report)'s share price traded up 22.7% during mid-day trading on Tuesday . The stock traded as high as GBX 79.70 ($1.08) and last traded at GBX 78.30 ($1.06). 15,714,211 shares were traded during mid-day trading, an increase of 283% from the average session volume of 4,104,912 shares. The stock had previously closed at GBX 63.80 ($0.87).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reaffirmed a "hold" rating and issued a GBX 59 ($0.80) price objective on shares of ITM Power in a research note on Thursday, May 8th.

ITM Power Stock Down 9.8%

The business's 50 day moving average is GBX 37.44 and its 200 day moving average is GBX 34.85. The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17. The stock has a market cap of £382.62 million, a price-to-earnings ratio of -14.05 and a beta of 2.03.

ITM Power Company Profile

ITM Power was founded in 2000, and ITM Power PLC was admitted to the London Stock Exchange's AIM market in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.